Money and Banks

If the private sector does not accept a currency as a general means of payment and a store of value, the currency becomes worthless and ceases to be money. Ultimately, it becomes useless paper.

It took many centuries for regimes to secure the sort of prestige and power necessary to claim a monopoly over money. From the state's perspective, it has been worth it. 

Elizabeth Warren has pronounced her verdict on higher food and gasoline prices: they are nothing less than the result of corporate greed. In fact, there is no inflation, only corporations arbitrarily raising prices.

The fact that various electronic money transfers are taking place does not mean that we do not require cash any longer. On the contrary, the fact that the cash exists enables those transfers to take place.

The Bank of Canada's stated mission is "to preserve the value of money by keeping inflation low and stable." Yet, the BOC works to inflate away the value of Canadians' purchasing power every single day.

When prices fall as a result of rising wealth that's good news. But deflation is also good news when it follows the bursting of a financial bubble caused by money creation.

According to the Marxists and their fellow travelers, inflation is good because it transfers wealth from creditors to debtors, and debtors are "the 99 percent." But inflation doesn't work that way.  

From the point of view of present-day standard macroeconomics, monetary history is a succession of technical changes to facilitate an increasingly large inflation of the money supply.

After thirteen years with on average negative real returns to conservative savings, it is time to require the Federal Reserve to address its impact on savers.

In one recent thread, Weisenthal mocked the people worried about the falling purchasing power of the US dollar, and claimed that it would be immoral for currency to maintain its value over time.